Competitive intelligence (CI) entails using internal and external factors to inform decision-making. A business collects and analyzes data regarding its business environment, competition, customers, industry, and other factors to improve its competitive positioning within the industry. When a business is competitively intelligent, it understands challenges that impede its performance and leverages opportunities that compel it to proficiency. Marketing is one department that primarily uses CI to promote a company’s products, implemented using various tools.
Standard Business CI Tools
Businesses use competitive intelligence tools to collect and analyze critical information about competitors and the industry. Examples of CI tools include apps and software that provide specialist and comprehensive services, depending on their choice and varying needs for different businesses. Platform selection depends on a business’ needs and a platform’s functionalities.
This competitive intelligence tool is best suited when collecting and analyzing a competitors’ financial data, including investments and assets. It’s also used for industry analysis since it provides current trends in any industry, such as the performance of firms, and trending news, such as the latest classification of Fortune 100 companies. Its partnership with various contributors makes it reliable for any competitor analysis. The Crunchbase team collaborates with other CI instruments, such as SimilarWeb, increasing companies’ access to more information sources.
This tool is competitive intelligence software that enables businesses to study competitors’ moves by accessing their critical data. Apart from analytics, it entails artificial intelligence that provides projections of what competitors are likely to do in the future based on their past and present performance. Crayon includes standard features for competitors, such as price fixation and marketing strategies.
BuzzSumo is the best platform for a company to collect information regarding the best performing businesses within particular areas. It doesn’t charge for services unless technical information is needed. When carrying out competitive intelligence, marketers require different information statistics about other companies, such as their social media platforms for promotion, market positioning, segmentation, and product diversification to suit specific customer targets. BuzzSumo stores these statistics that provide essential insights for competitor and industry analysis. This tool offers additional functionalities, such as its ability to mark any competitors’ changes to their products. After collecting and analyzing essential insights, businesses use this software tool for marketing their products online, aided by its ability to notice key opinion leaders.
Businesses use this competitive intelligence tool for its various advantages over others. Marketers collect social media messages regarding their brands or products and compare them with what users claim about competitors’ products. Without performing any other role, these insights are essential in understanding customers’ perception of a company’s products, helping to shape marketing strategies to either reinforce or change them. However, Talkwalker has several other functionalities. It sends automated emails to businesses. Such emails contain information about what competitors are doing, comparing it to achieve the best results. This tool is also imperative for collecting and analyzing information in the industry as it provides general news and current trends.
This CI tool is unique due to its high visual analytics about competitors. Therefore, companies use such data to establish the performance of other companies and compare with the best-performing ones. Its comprehensive presentation of information is essential, including people who visit a competitors’ page, comments, and referrals. It identifies strong keywords that people use when searching for competitors, guiding business marketers to establish their relevant metrics to attract visitors that can be converted into customers.
6. Netbase Quid
Apart from being a social media analytics company, Netbase Quid carries out market intelligence. It provides specialized software with vital social media metrics. It also collects people’s comments about different brands, informing companies about different perceptions of their products and competitors’ products.